The IT industry proved to be the one sore point in an otherwise roaring market rally on Friday, with shares of several IT firms slipping during trading.
The S&P BSE IT index was down a little over 2 per cent on Friday, mainly due to the strong appreciation of the rupee against the dollar.
In the recent past, in anticipation of a Narendra Modi-led stable government, the rupee has been making steady gains. A strong rupee doesn’t augur well for the IT industry as it hurts their profit margins. At the end of the day, Infosys stock ended down by 2.83 per cent to close at Rs. 3,177.85. Wipro ended down by 2.61 per cent to close at Rs. 502.85 . Shares of TCS ended at Rs. 2157.55, down by 1. 64 per cent.
